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British Pound (GBP) Latest: GBP/USD Stable Despite UK PM Fears, FTSE 100 Rallies

British Pound (GBP) Latest: GBP/USD Stable Despite UK PM Fears, FTSE 100 Rallies

Nick Cawley, Strategist

Sterling and FTSE 100 - News, Prices and Analysis:

  • GBP/USD steadies after initial sell-off.
  • FTSE 100 gaining as European coronavirus cases decline.
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GBP/USD Edging Higher Despite PM Fears

GBP/USD bounced off the 1.2200/1.2210 area in early trade, despite weekend news that UK PM Boris Johnson had been hospitalized with ongoing coronavirus symptoms. PM Johnson has been in self-isolation for the last week, but doctors sent the PM to hospital due to an ongoing high temperature. The Prime Minister will continue to lead the country while Foreign Secretary Dominic Raab is expected to chair today’s COBRA meeting.

GBP/USD remains under pressure and further downside may be seen after a negative ‘death-cross’ -50dma through 200-dma – appeared on the chart just over a week ago. The pair remain rangebound with the March 27 bullish candle continuing to set the range of 1.2144 to 1.2482.

GBP/USD Daily Price Chart (September 2019 – April 6, 2020)

British Pound (GBP) Latest: GBP/USD Stable Despite UK PM Fears, FTSE 100 Rallies

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FTSE 100 Rallies as Data Shows Coronavirus Slowing in Europe.

European stock markets are all in positive territory today after the recent data showed the coronavirus fatality rate in Europe slowing. While more data is needed to confirm the slowdown in the fatality rate, and the numbers remain worryingly high, the glimpse of good news has pushed the FTSE back above 5,500, breaking its recent series of lower highs. There is also a bullish flag formation being broken which suggest the index may look to re-test the 5,830 triple-top.

FTSE 100 Daily Price Chart (July 2019 – April 6, 2020)

British Pound (GBP) Latest: GBP/USD Stable Despite UK PM Fears, FTSE 100 Rallies

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Sterling (GBP) and the FTSE 100 – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.